Kenny Holley is a Texas boy at heart, having been raised and educated there. Marriage to his college sweetheart, Polly, and career brought him to Minnesota where he became a successful businessman and ultimately owner of Midwest Automation that made industrial equipment used in the metal industry.

“By 2007, we had grown to a $10 million company,” says Kenny. “The 2008-09 great recession crimped growth, but by focusing on the metal business, we resumed growing for the next ten years.”

And though Kenny worked and raised his family in Minnesota, Texas always called to him. “I felt such a strong connection, and when my brother bought a ranch there, I ended up buying the ranch next to his.”

“In recent years, my wife and I started spending more time in Texas, but I was constantly flying back and forth, trying to manage both the company and ranch. At 70 years of age, I knew it was time to sell the business. I asked my lawyer if he knew of someone who could help. He said his Dad worked with a guy named Jim Odney to sell his business and he did a great job. Later that same day, I went to play golf and saw a friend who had recently sold his company. I asked who helped him and he said, Jim Odney. Since I don’t believe in coincidences, I considered it a sign.”

“The next day I called Jim. We met, and shortly after, signed an engagement letter. Within a year, Jim had the company sold to a good company in Minneapolis who was in the sheet metal fabrication business. Then Covid hit and suddenly it was like the world had changed and the deal fell through. Crescenda then resumed the process of finding another buyer. Soon after, one of the first prospects reemerged, a private equity firm in Chicago who owned a portfolio company who was also in the metal industry. They had recently hired a new CEO and decided to take another look. Soon after, they submitted an offer and I accepted.”

“It was the perfect exit for me. A good, fair deal for all concerned. And the perfect fit for my employees, who were like family to me. We wouldn’t have gotten it done without Jim and Crescenda, who were great at facilitating the process, working through the frustrating starts and stops and helping me transition away from the business.”

Now, Kenny has traded a career in the metal industry for a life of country living.

“I have the most wonderful wife in the world. I told Polly when she married me, ‘You know I’m gonna have a ranch someday.’ Now we have a great circle of friends here as well as in Minnesota and a very active social life. Texas is a big part of who I am. I’m so happy to be healthy and able to do the things we enjoy doing on this ranch.”

For over 30 years owning a surveying and mapping company, Jon Webb had walked the terrain of thousands of projects…and built his company into a success. But Jon had reached a point where he wanted to walk some new ground in retirement.

Jon bought what is now New Albion Surveys in 1991. “Our clients range from local farmers to large companies, and our projects from topographic surveys for someone building a house to comprehensive surveys for a company buying a winery or vineyard,” says Jon.

“When I started in the business, I was 30 and I always told myself I would retire when I was 50. I went right past that, and when I was approaching 60, I told myself, it’s time to get on this and sell.”

 “I tried selling my company to several employees, but they decided they didn’t want to be owners. I needed a new approach. My brother-in-law recommended I talk to Jim Odney at Crescenda…I reached out and liked him right off the bat. I also met his son, Jamer and liked him too.”

“I gave them some basic financial information, and they came back and said they thought I was wrong on valuation, and I thought ‘oh no, here we go.’ They said they believed the company was worth triple what I originally planned to sell it for. Jamer and Jim put my business onto the market. Within a month, they had three interested parties, and shortly after that, two parties with offers. True to Jim’s word, they got me their predicted price. And Crescenda made the whole process so easy.”

“The buyers wanted to continue to run the company the way it had been successfully run before. They have held true to their word and been very fair to our employees. They’re the best buyers I could hope for.”

“My wife Stacey and I have many retirement plans. We’ve had a home in Montana for seventeen years and are now spending more time there. I go back and forth and work out of Montana in my transitional role with the company. We’re near Kalispell, not far from Glacier Park…I enjoy fly fishing wonderful rivers here like the Flathead and Blackfoot…also hunting and snowmobiling. We go down to Baja several times a year to fish or dive.”

“I also want to mentor people in surveying and help to attract more people into the business, because it’s an important field and difficult to find enough good people to work in it. Our ultimate plan is to be in Montana full time, and to travel internationally. We had a beautiful new granddaughter in May, so there will be more time to enjoy her. Bottom line, we just wanted to get out there and have adventures and Crescenda helped us do that.”

Dick Hedahl’s family history with his auto parts company traveled back three generations to 1906 – but the call of the southwest and no clear path for a family member to continue his business triggered a decision to sell. “Our history started as a hardware store for homesteaders, and included car dealerships for Model T’s and Durant Motor cars in the early 1900s, and then auto parts by the 1930s,” says Dick.

He joined the company in 1972 and became CEO in 1986 when the company had 12 stores plus a warehouse and equipment company. Dick grew it to 23 stores, headquartered in Bismarck, ND. “The primary reason for our company’s success is the talent of our people – and we had lots of talent at Hedahls,” says Dick.

“When we decided to sell, I kept coming back to Crescenda Merger & Acquisition Advisors. Jim Odney knew us and knew how to sell Hedahls. Crescenda has the resources to figure out the best potential buyers and from an initial list of over three hundred, we had a dozen serious prospects including the largest auto parts companies in the country. We narrowed it down to six that made offers. Crescenda gained leverage from having many interested buyers including a $15 billion publicly traded company. We negotiated a deal with Auto Parts Headquarters, who had 101 stores and very little overlap.”

“Jim Odney listens and understands what buyers are looking for. He has a great understanding of the numbers and how they translate to value - so when he’s presenting to a CEO or CFO, he talks their language and connects. Crescenda also has a team to create the Offering Memorandum that is very professional – with numbers and a narrative that helps enhance interest.”

So, what’s ahead now? “Life is good,” says Dick. “We decided to move to Arizona.” His wife, Gloria, is a serious golfer. “So we now live in a beautiful golf course community. As for me, I’ve been a serious car guy since I was a teenager. I know everything about every car I’ve ever owned. One night, while Gloria and I were on Main Street in Bismarck for the monthly car parade, I was pining about how I wish I had some of those cars back again. She said, ‘Why don’t you go buy one?’ So, I did, and I now own a fabulous ’68 Corvette 427, like the one I owned in the ‘70s. Recently, we drove it from Bismarck to Arizona, hitting old Route 66 along the way. That was a good time.” 

Upon reaching his 70’s, Bob Humboldt realized he couldn’t own and run his company, Poly Foam, forever. Plus, his love of golf was calling. It made sense to Bob and his wife Joyce to begin the process of selling his custom packaging company to an owner that would continue to treat his company and long-time employees well.

Bob sat down with Joyce and his lawyer to interview merger & acquisition advisors. “When we interviewed Crescenda and Jim Odney, we were impressed with his background, positive attitude and enthusiasm. I explained that I would set a fair, but “non-negotiable” price, and that my main concern was to find a buyer that would continue and grow my business...and very importantly, support my many loyal employees.”

“During the fourteen month process, Crescenda met all my expectations, diligently searching for prospects and bringing several along to the serious stage. Their enthusiasm never flagged.”

“Jim found the right buyer and worked hard to bring us together to reach an agreement. They were a large, publicly traded Canadian firm, which made this deal a little more complicated, but Crescenda had the skill level to handle it. Jim made several suggestions on how to structure the deal with minimal tax disadvantages to either party, and used good common sense in resolving issues. He worked very well with my lawyer and my accounting and financial people, while showing the buyer the depth of talent at Poly Foam. He made the deal work.”

So what’s next for Bob and Joyce? Beyond the golf games they share often at their club in Minnesota or their home in Florida, they love to travel.

“I am hopeful that I’ve left everything in good hands for the “Poly Foam family” and can enjoy my retirement knowing that.”

Reasons for selling a business are as varied as businesses themselves. For John Ledy and the other owners of Immedia, the time had come to simplify and re-focus their efforts.

“We had two businesses pulling our senior management in two different directions,” says John. Selling Immedia, a successful specialty printing company, allowed John and his partners to focus on their core business – Innovize – a contract manufacturer of medical components. After the sale, John was able to enjoy a long-dreamed-of helicopter ski trip, and is now focused on the next summit with Innovize.

Why did they pick Crescenda to help with the sale? 

“Crescenda was more engaged in the process than the other investment bank alternatives we looked at. They connected with our business and we didn’t feel like it was just one of many deals they were working.”

“Selling wasn’t just about the money for us. Crescenda made sure we found the correct type of buyer – not just an investor looking to buy and re-sell. We hoped for a strategic buyer who would keep management intact.” 

“The individuals at Crescenda have been in my seat and can relate more to my issues. They spoke intelligently to our issues and concerns because they’ve been there.”

Was the process successful?

“Crescenda had a very good sense for our company and our market…they put together a very effective offering package based on that knowledge. 

For John Ledy and his partners at Innovize, there’s more to come. “The next summit is waiting for us,” says John. We can now focus on one company. We’re looking to do great things with Innovize.”

Howie Milstein was being pulled in too many directions. It was time to do something about it by selling one of the two companies he operated. “We owned Active Therapeutics Institute and I was also President of a medical device company,” says Milstein, “I only had so much time and energy.

“Crescenda opened up opportunities to sell ATI in a way we could never do ourselves,” says Milstein. “They identified the right buyers, kept advancing the ball and knew how to close the deal. Our goal was to preserve our culture and Crescenda found a buyer who did.”

”Jim Odney is the kind of person I want to do business with. He has a high level of integrity. He is intuitive, smart, creative and tenacious. He understands people and has a sense of humor. I won’t work with people who take themselves too seriously.”

For Milstein, the sale made life simpler, running the company he wanted to
run, with more time for leisure. “I was free to focus more energy on the ‘day job’, and do volunteer work. I’m also finding a little more recreational time – like riding my motorcycle. Life is short. You don’t want to wait to do some of the things you want to do.”

Bob Remakel had built a company he believed in. DigiGraphics occupied a successful printing niche, had 55 loyal employees and was developing new capabilities. But nearing retirement age, Bob wanted to find a buyer who would continue the success and allow him three years to work his way out the door.

"I went through the process of trying to sell my company on my own for many years," says Bob. "I would make a contact myself or through a consultant and I’d take it from there. I turned down several companies that weren’t the right fit, or who just wanted to cherry pick parts of our business."

"Then, Jim Odney of Crescenda contacted me. He understood me. He knew I didn’t want my listing out in the marketplace, worrying my employees. I didn’t want to shop it; I just wanted to find the right situation."

"Jim is a baseball fan like me. He would invite me to a game at the new Twins stadium to discuss prospective buyers and I’d usually say no. Then, he brought me Imagine Print Solutions, a very successful company who was looking for acquistions. I said I’d consider it. Within a week, Jim set up a tour with Craig Mandery, Imagine’s Chief Business Officer. He brought Bob Lothenbach, President and CEO down the following week and it was all done within two months. I liked what Imagine had to offer because they had specialized work from their clients that DigiGraphics could handle without changing our culture."

"The sale was a ten out of ten. I continued to work very hard for the company and we never had any problems.The work they brought in was very important...growing us to almost double the size of when I sold."

"Jim Odney understands what his customer wants...he has good marketing sense and is persistent," says Bob Remakel. "He brought me many companies. He knew I was a control freak, and tailored the process to my needs. There was trust between us. He never over embellished any buyer - he would just lay it out. He knew when to help me or leave me alone."

“I loved running DigiGraphics but it was time. We now travel and will go to Twins games. I’ve also been doing some volunteer work. When I sold, I still wanted to stay in the game for a few years. But now it’s time for me."